Trinity Mirror Boss Sly Bailey To Quit
Trinity Mirror newspaper group chief executive Sly Bailey has announced she is stepping down and is expected to leave by the end of the year.
The surprise announcement comes as the group, which publishes the Daily Mirror, Sunday Mirror and 160 regional newspapers, prepares for its annual meeting next week.
Ms Bailey said: "For the past 10 years I have had the privilege of being CEO of Trinity Mirror, a fascinating and all-consuming role. Newspapers are a business like no other.
"Now I feel the time has come to hand over to someone else to take up the challenge and for me to seek new challenges and opportunities elsewhere.
"My immediate priority is to continue to run the business, to deliver the best possible performance for 2012."
Over the 10-year period that Ms Bailey ran the group the share price has plummeted by 90%.
Trinity chairman Sir Ian Gibson said: "The company and the board are grateful to Sly for her immense contribution and leadership over an extended period and wish her well for the future."
The Trinity Mirror group, like other traditional print companies, struggled with declining sales and competition from digital publications on the internet.
Sky's City editor told Jeff Randall Live: "Shareholders have been increasingly restive in the last year or so.
"They believe that a company that has seen massive destruction in shareholder value should not have a chief executive who continues to be paid as if it was a member of the FTSE 100 or FTSE 250."